The Palatka daily news. (Palatka, Fla.) 1884-1888, 1887-06-23
THE BURSTED BANK.
DEPOSITORS WILL GET NOTHING.
THE OFFICERS MAKE NO EXPLA-
NATION WHATEVER.


1INCINNATl. june --.-4iS tIt eXstnll
nation of the Fidelity National Bank pro
ceeds the enormous deficit increases. II
is now common talk on the streets that
the liabilities of the bank viii reach the
stupendous sum of $4,000, 900, while the
assets dwindle in proportion. 1t seems
20 be a foregone conclusion that the de-
positors will get next to- nothing. This
is the general talk, but of course it is un-
official and cannot be verified until the
bank examiner completes his work and
makes his report.
WILTSHIRE, HARPER'S AGENT.
1t is stated to-day that the memoran-
dunn, which is substitute for collateral,
shows that Wiltshire used $1,000
900 of the banks money and that collat-
erals for other loans were hypOthecated
in New York and elsewhere. 1t is the
belief of some that Wiltshire acted as
deal and was not really the bor-
rover.
THE BANKS OFFICERS UNDER ARREST.
Vice-President Harper, Cashier Bald
win and Assistant Cashier Hopkins are
under arrest on warrants sworn out by
Bank Examiner Powell. Harper's bail
is fixed at $4,000, and the others $1O,-
900 each.
MONEY LOANED WITHOUT SECURITY.
The papers this morning are fun
of matter connected in various ways
with the Fidelit National Banks clos
ing. Among other things is the state
ment that Bank Examiner Powell on
Monday afternoon demanded state
ment from the bank and received one
showing balance on hand of 81 100, 900
of cash. Then calling for a view of this
money, he was amazed to be shown a
lead pencil memoranda, reading: Wilt
shire. Eckert & Co., $500, 900, l.. w. Wilt
shire, SAG. COO and so on through long
list. There was no collateral and no Sc
curity whatever.
NO EXPLANATION wHATEv ER.
Baldwin and Hopkins were unable to
make any explanation and Harper could
offer none. Even after this, it is said
an offer to permit the bank to continue
was made il these three men We're ex-
PEELED and new capital brought in, but
when inquiry was made as to how much
would be required, the answer was, one
million dollars at least. That staggered
the directors, and although they still
hoped to- form a reorganization, it is
most probable that the fear that further
examination would reveal further de
ficit, deferred them. The fact is that
Harper concealed from the directors his
connection with the wheat deal. He is
said to have admitted yesterday that he
did not go into the wheat deal himself,
but that he honored an overdraft for
Wiltshire for $4,000. and then put i'm
the rest to save that. He charges the
whole break to the action of the Chicago
Board of Trade in making all wheat
regular.
IN A wOEFUL CONDITION..
Bank Examiner Powell is credited
with saying that the condition of the
bank is woeful. He said it was sing Ilar
how Harper had deceived everybody
about the matter. In this connection it
may be recalled that when the wheat
panic occurred in Chicago and rumors
were current of run ON the Fidelity
Bank, Harper stated repeatedly to par
ties asking for Information that he did
not know who was i'm the wheat deal,
and he went SO far to say that he did
not believe it was managed at all in Gin
cinnati, but was conducted from Cleve-
land and California.
More attachments on Harper's prop
erty have been made, and everything he
has is now tied nm